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February 3, 2014

Barron's 2014 Roundtable Highlight

When the Fed's easy money created the technology bubble in the late 1990s and the housing bubble in the 2000s, the economy was growing by more than 6% a year. Now we have 2% GDP growth, and bubbles in housing, art, farmland, junk bonds, fancy cars...

When QE1 ended, the market fell by 13% in a matter of months, which caused the Fed to launch QE2. When it ended, the market fell by 17.5%. If ....... the Fed will stop buying assets by year end, somewhere between now and then we are going to blow the stock market up. Valuations are much higher today than when QE1 or QE2 ended. The market is far less stable.